Thiel, Soros Said to Lead $27 Million Investment in TruMid

Six months after launching the startup, billionaire George Soros and Venture capitalist Peter Thiel are leading a $25 million investment in e-trading platform TruMid Financial LLC.

The backup of two of the most prominent business leaders in the current round of $27 million, which will be fully closed before the end of the year, would value TruMid at more than $100 million, people familiar with the deal told Bloomberg.

The capital will bolster the e-trading platform’s ability to improve liquidity for all market participants.

TruMid, a new frontier for corporate bond and CDS trading, uses trading sessions called “swarms”, allowing anonymous and efficient interaction between its institutional users to drive mid-market pricing and best execution on round lot transactions.

In only six months since launch TruMid is establishing itself as an early leader in electronic trading, with many of the market’s top institutional investors trading on the platform.

TruMid has 191 institutional clients live on the platform and nearly 400 more in the onboarding process. TruMid’s highly experienced team from the buy-side, sell-side and interdealer broker space has the relationships necessary to attract a critical mass to trade.

Thiel is joined by a private investment fund managed by Soros Fund Management and by Shumway Capital, which led TruMid’s first external financing round earlier this year.